Chefs' Warehouse (NASDAQ:CHEF) CEO Sells 100,000 Shares of Stock

Key Points

• CEO Christopher Pappas sold 100,000 Chefs’ Warehouse shares at an average price of $110.11, generating approximately $11.0 million. He retains 2.11 million shares, although his position declined 4.53%.
• Chefs’ Warehouse reported quarterly EPS of $0.78, beating estimates by $0.19, while revenue rose 12.9% year over year to $1.17 billion.
• Shares traded down 2.1% to $108.30, despite broad analyst optimism: the stock carries a “Moderate Buy” consensus rating and 91.55% institutional ownership.

The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Get Free Report) CEO Christopher Pappas sold 100,000 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $110.11, for a total value of $11,011,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,105,480 shares of the company's stock, valued at $231,834,402.80. This represents a 4.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Chefs' Warehouse Trading Down 2.1%

NASDAQ:CHEF traded down $2.27 during mid-day trading on Tuesday, hitting $108.30. 349,342 shares of the company's stock were exchanged, compared to its average volume of 519,242. The company has a 50 day simple moving average of $99.19 and a 200-day simple moving average of $79.28. The company has a current ratio of 2.15, a quick ratio of 1.31 and a debt-to-equity ratio of 1.07. The Chefs' Warehouse, Inc. has a fifty-two week low of $53.20 and a fifty-two week high of $117.33. The firm has a market capitalization of $4.42 billion, a P/E ratio of 51.57 and a beta of 1.38.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.19. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.12 billion. Chefs' Warehouse had a net margin of 2.09% and a return on equity of 16.95%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS. As a group, research analysts expect that The Chefs' Warehouse, Inc. will post 2.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHEF has been the topic of several recent research reports. Zacks Research raised Chefs' Warehouse from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. UBS Group raised their price objective on Chefs' Warehouse from $114.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Wall Street Zen raised Chefs' Warehouse from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of Chefs' Warehouse from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 12th. Finally, TD Cowen raised their price target on shares of Chefs' Warehouse from $110.00 to $123.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $107.43.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in shares of Chefs' Warehouse during the 1st quarter valued at about $352,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Chefs' Warehouse by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,152 shares of the company's stock worth $1,152,000 after purchasing an additional 1,247 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Chefs' Warehouse by 50.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,382 shares of the company's stock worth $7,101,000 after purchasing an additional 43,593 shares in the last quarter. Strs Ohio acquired a new position in Chefs' Warehouse in the first quarter valued at approximately $98,000. Finally, Marshall Wace LLP bought a new position in shares of Chefs' Warehouse during the 2nd quarter worth approximately $243,000. 91.55% of the stock is owned by institutional investors.

About Chefs' Warehouse

Chefs' Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.

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